The Payments Landscape in Australia

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The Disruption of Innovative Technologies

In Australia, technology driven innovation and increasing fintech-focused competition is catalysing the digital disruption of the payments landscape. Since the Reserve Bank of Australia’s Payments System Board endorsed an industry proposal for new real-time payments infrastructure in 2013, the Australian retail consumer market has experienced a major shift as the range of point-of-sale (POS) hardware, and software solutions offered by fintech start-ups and independent POS technology vendors has grown.

These independent third-party solutions are aiding a democratisation effort in Australia to provide simpler payment technology integration to merchants with an improved return on investment. As a result, Australian banks are now under increasing pressure to retain their long-standing relationships with incumbent merchants and customers, despite their extensive resources, brand recognition and wealth of data.